Technical analysis of DLF, India : a follow up
December 24, 2008 | Ramki | Comments 6
A few days back I mentioned that Rs.324 was an important level for this stock, and a break past that will expose Rs 408. We ran into some good selling around the 324 level, and we are correcting down now. Here is an update, with two charts.
DLF
Filed Under: Indian Stocks Trading
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You are saying that no buying is advised till a 50% retracement is seen in the stock from the recent high of Rs.324/- (i.e. around Rs.245 levels.
My question is the stock worth selling if it is not good for buying! Not that I want to compulsorily trade on this. But, this is just a question for knowledge. If it is not good for buying why it is not advised for selling?
Hello RS, May I suggest that you revisit the earlier post on DLF on 21 Dec 2008 where I suggested that if one were caught short he should buy the stock on a dip to 270. We dipped to 260 and have reached 305. The risk was more skewed to the upside,which is why a sell was not recommended.
Mr Ramki,
Thanks to Satyam saga, DLF has followed suit and has come down to Rs.185/-.
Whats your take now?
Regards
R Sathyamurthy
http://www.sathyamurthy.com/tag/satyam-computers/
ramki , i read ur comment on DLF and i am interested. what is ur present on this stock. i purchased it at 481
HI JanakiRam,
This stock looks really weak. I’d be happy to get out of a good portion of my investment in DLF at any price around 348/353 as there is a reasonably good chance for a move down to 275 or lower.
HI RS, regarding DLF, after declining from 326 all the way to 144, we are currently at 213. I think we will have a hard time getting above 230, certainly 260 will be formidable. I will not suggest buying this stock for now. Ramki